Clik here to view.
Arbitrary penalty interest argument edges closer to seismic High Court ruling
The legality of penalty interest charges levied by mortgage lenders on “defaulting” domestic and commercial borrowers, yesterday moved one step closer to re-consideration by Australia’s highest court....
View ArticleClik here to view.
Supreme Court stares down $3.5 quintillion global debt waiver decree
A plea for relief to Queensland’s court of appeal by Currumbin Valley home owners – who failed in their self-represented September bid to prevent foreclosure by their mortgage lender – has been...
View ArticleClik here to view.
Court dismisses “unfair” CBA home re-possession action
Australia’s largest bank has been denied re-possession of a Boronia Heights home that it had hoped to sell to cover the homeowner’s $300,000 debt. The ruling published yesterday reveals that a court...
View ArticleClik here to view.
BOQ held out for 2.5 years, champion racer seeks old winning form
A sports champion who refused to give his solicitors authority to accept service of mortgage default proceedings – and whose assets were frozen on suspicion of criminal activity – has been ordered to...
View ArticleClik here to view.
Bank wins Deception Bay recovery, not liable for lapsing mortgage default...
A couple who “equated” Australia’s largest bank with an insurer bearing a similar name, has defended the bank’s mortgage recovery proceedings on the basis that it failed to maintain their mortgage...
View ArticleClik here to view.
Registered mail returned to sender, does “caused to be forwarded by pre-paid...
The adequacy of time honoured legal lexicon used to express the means by which a document is sent to a recipient’s address by post has come under challenge in the Court of Appeal. Among the evidence...
View ArticleClik here to view.
Suncorp rebuffed in $700k “pound of flesh” argument
A guarantor under a debt restructure for two luxury boats has won the first stage of her fight against Suncorp who claim the whole of the $700k balance debtagainst the $38k write-down balance she...
View ArticleClik here to view.
“Boomers” champions in finance deal guarantee fight
Play Audio A national champion basketballer has challenged the validity of a personal guarantee signed by his co-player attorney because it omitted any reference to the power of attorney instrument...
View ArticleClik here to view.
Magazine publisher puts BOQ to proof on printing press loan default dispute
A commercial borrower has defended a bank’s $1.9 million re-fi loan default lawsuit on the basis that it had also promised to provide an additional facility the offer of which was later withdrawn....
View ArticleClik here to view.
Westpac’s $1 mil financial advice liability: spell out risks “in simple...
A millionaire media CEO whose investment goals included paying “little or no income tax” has chastened one of the country’s big banks and convinced a court compensation for its misleading advice should...
View ArticleClik here to view.
Porsche payments due, ANZ takes slow lane in fight over fast car
A property developer who financed his new Porsche through a related company has argued in his bid to stop ANZ bank recovering the vehicle, that it had received at least enough surplus funds from a...
View ArticleClik here to view.
Perpetual’s low-doc loans struck down for broker’s “exploitation” &...
A disabled couple has defeated Australia’s biggest non-bank lender in a court battle that saw their $228k home loan and mortgage declared void and unenforceable. Dale and Faith Burns – both partially...
View ArticleClik here to view.
Lender barred on mortgage forgery clawback, innocent recipient keeps $225k
A lawyer whose signature was forged by her husband so he could fund a deposit on a stately family home at a prestige address had been “unjustly enriched” by the fraud, claims the lender, despite her...
View ArticleClik here to view.
Borrower defeats NAB on home loan default, gambling wife a defence
A $400k NAB loan taken out in February 2004 was restructured in 2008 into a redraw facility on strict instructions that the borrower’s wife not be allowed access to the account and the bank never...
View ArticleClik here to view.
Solicitor sued on borrower mis-identification
A mortgage manager who negotiated a loan at the request of a broker has sued the solicitor entrusted with mortgage preparation for its $183k loss arising from a failure to authenticate the identity of...
View ArticleClik here to view.
Businesses drop $850k on incorrectly signed credit applications
An earthmoving equipment company has suffered defeat over a $500k personal guarantee debt due to sloppy credit control processes. TCT Plant Hire hired excavators, machinery and trucks under a “VIP...
View ArticleClik here to view.
Court orders halt to recovery action on “predatory” loans to desperate business
Private loans with “stratospheric” interest rates exploited the financial desperation of a novice businessman, it has been argued in Brisbane’s Supreme Court. Wayne Innes started his earthmoving...
View ArticleClik here to view.
Whitsunday developer’s $3 mil loan default compounds to $11 mil at judgment
One would have thought that all the stories of GFC related property calamities in Queensland had been told. As the following account shows, property development mishaps from the GFC era are still...
View ArticleClik here to view.
Loan book buyer statute barred in $4 mil mortgage debt recovery
Borrowers under a private $320k loan have successfully defended their mortgagee’s $4 mil recovery action claim by operation of the 12-year limitation period that applies to debt recovery claims....
View Article